Harmony Biosciences (NASDAQ:HRMY) Hits New 52-Week High - Should You Buy?

Key Points

• Harmony Biosciences shares reached a new 52-week high of $40.90, trading up 4.3% with a market capitalization of approximately $2.39 billion.
• The company exceeded quarterly expectations, reporting EPS of $1.28 versus the $0.96 consensus and revenue of $261.28 million, up 30.3% year over year.
• Analyst sentiment is mixed: five analysts rate the stock Buy, five Hold and one Sell, producing a consensus Hold rating and a $47.11 target price, while recent targets range from $37 to $60.

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $40.90 and last traded at $40.88, with a volume of 355603 shares changing hands. The stock had previously closed at $39.38.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $39.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Wolfe Research assumed coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $60.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Harmony Biosciences in a report on Thursday, July 16th. Finally, UBS Group reaffirmed a "neutral" rating and set a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Harmony Biosciences currently has a consensus rating of "Hold" and a consensus target price of $47.11.

Harmony Biosciences Trading Up 4.3%

The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.39 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 0.36 and a beta of 0.96. The firm's 50-day simple moving average is $37.00 and its 200 day simple moving average is $32.80.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.32. The company had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. Harmony Biosciences's quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. As a group, analysts expect that Harmony Biosciences Holdings, Inc. will post 3.77 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of Harmony Biosciences by 589.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock worth $28,000 after acquiring an additional 643 shares during the period. Allworth Financial LP raised its stake in Harmony Biosciences by 286.7% in the 4th quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after acquiring an additional 602 shares during the period. Leonteq Securities AG purchased a new stake in Harmony Biosciences during the fourth quarter valued at about $30,000. Nykredit A S purchased a new stake in Harmony Biosciences during the second quarter valued at about $33,000. Finally, National Bank of Canada FI bought a new position in Harmony Biosciences during the third quarter worth about $40,000. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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